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How to take action when you are struggling with debt

Home » Chapter 7 » How to take action when you are struggling with debt

After the holiday period, many of us find ourselves having a reality check when we have a look at our bank statements and receive reminders for unpaid bills. Not feeling in control of our financial situation can feel overwhelming at times. It is important that the situation is not left unaddressed, because this will only lead to problems becoming worse.

If you are concerned about your unpaid debts in the state of South Carolina, it is important that you look into possible ways to take action now. If you are not proactive in your approach, you may risk losing your home or car in the foreseeable future.

Chapter 7 bankruptcy can offer hope to many debtors

If you have a high amount of debt that you cannot imagine ever being able to repay, Chapter 7 bankruptcy may be able to assist you in becoming debt-free. The process finds a way to liquidate eligible assets that you have and uses the income derived from this to pay off outstanding debts.

In addition to this repayment process, Chapter 7 bankruptcy filers can also benefit from a debt discharge at the end of the plan. This means that they will be able to be relieved of their debts as long as they complete the process in full.

Chapter 7 debtors also are relieved of communication and further action from debt collectors and creditors as soon as they file for bankruptcy.

If you want to take action to be free of debt in the state of South Carolina, get in touch with an experienced attorney to learn more.